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Builders slump as housing market shifts to the slow lane

The S&P Supercomposite Homebuilding Index is down 21% year-to-date, on track for the biggest annual drop since 2008, when it fell 32%. That’s even with tax cuts, unemployment near the lowest since 1969 and a real estate developer in the White House. What gives? Investors are increasingly worried about what JPMorgan Chase & Co. calls...

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